I do find it tragically comical that when I mention ALL THIS to a w loyalist, they pull out all the..."wtf.. the president doesn't have anything to with biz...blah blah blah" I want to spit in their face, because we all know that if the shoes were reversed, they would be all over it, blaming a dem.
of course the administration has MAJOR responsibility, or even more responsible, is the GOP in general, because this tragedy is STRAIGHT up because of Bad, or even criminal, Policy, definitely a function of government. De regulation in a overtly corrupt environment leads to HUGE crashes, and frankly, this shit hasn't even actually begun. Turning point? we haven't even begun to collapse. So hang onto your boots kidz...its gonna get ugly.
blackwolf
· 1 year ago
Yeah, agreed. It's gonna really get ugly. The Bush Adminsitration was the perfect breeding ground for corruption. If we don't wind this election, the country is doomed.
Bubbles
· 1 year ago
This is what you get when you push on a string, this is what you get when you rely on supply-side economics.
The history of supply side economics is plain and simple. It always ends in disaster. You would think that the great depression, the rise of Hitler, the onset of World War II and the holocaust would be enough for them. But to have to repeat all of that all over again...
And all because the Florida Republican party engineered 518 surplus votes for Bush in the Florida election.
Reason0Politics1
· 1 year ago
more than 70% of GDP has been domestic spending, ALL driven strictly by the ATM cash machine of the housing bubble. There was NO NEW WEALTH, just an illusion of new wealth, ALL DEBT DRIVEN.
For every $1 of bad sub prime laoned, Wall St. leveraged 20, 30, and more TIMES that using that bad sup prime debt as COLLATERAL! its truely criminal.
And that kidz, is straight policy, so damned straight, politics and GOP Crony ism and corruption, is at the root. The more we bail now, the worse the eventual collapse will be. the momentum of the failure is only gaining.
tlsintx
· 1 year ago
good morning.
wow. big change is happening, ready or not. i was talking to a conservative friend over the weekend who gave me the same old line about how bad the dems are on taxing and spending...i said but look at our economy right now...he said, it could be a lot worse. guess he's right.
it seems so clear that Obama is the way forward and McCain is grasping on to the old sinking ship.
aquarius2
· 1 year ago
I know little about economics but this is what I do know. In 8 years with George W. Bush at the helm this country is still engaged in two wars, is trillions of dollars in debt, jobs seem to be disappearing, health care cost is rising for families, banks are failing, and the cost of damn near everything is skyrocketing.
Gorgonzola
· 1 year ago
But, the moneyed aristocrats are rolling in dough, which was the general idea behind Bushenomics to begin with. What the heck, lets give them another chance and put McPalin in there to straighten it out.
tlsintx
· 1 year ago
ten bucks says Goldman Sachs is next...
out of control oil speculation is also a culprit in this bust, all made possible by good old Dick Cheney and Big Oil setting U.S. energy policy behind closed doors. heckuva job bu$hco...
Nope, Goldman Sachs is a major player, the British Oligarchy wont let that bank go down.... trust me on that...
tlsintx
· 1 year ago
ok, we'll see!
Reason0Politics1
· 1 year ago
goldman is a share holder in the fed system, iirc. so ya, they wont fail
tlsintx
· 1 year ago
then the whole system is screwed- goldman sachs is into some shady deals
grandma
· 1 year ago
Good morning.
Paul Krugman today:
The real answer to the current problem would, of course, have been to take preventive action before we reached this point. Even leaving aside the obvious need to regulate the shadow banking system — if institutions need to be rescued like banks, they should be regulated like banks — why were we so unprepared for this latest shock? When Bear went under, many people talked about the need for a mechanism for “orderly liquidation” of failing investment banks. Well, that was six months ago. Where’s the mechanism?
And so here we are, with Mr. Paulson apparently feeling that playing Russian roulette with the U.S. financial system was his best option. Yikes.
WOW. Just saw one of the new ads from Obama on Joe. Holy shit they're finally hitting McSame directly on his lies. It is AWESOME. It shows McSame saying "I'm not going to take the low road to the highest office in the land". THIS is exactly what we need to keep seeing and hearing. Here we go!!
Gorgonzola
· 1 year ago
The infrastructure of the American economy is in freefall due to conservative economic policies of the Republican party. Nevertheless, many people will vote fot the GOP candidate who will continue the same policy because they will never vote for a black man. Americans are totally disengaged from reality.
Bubbles
· 1 year ago
Yes, and at times I question the Democrats engagement with reality for nominating a black man.
I had similar questions about the idea of nominating a white women.
After 8 years of disaster, I had wanted the safest candidate for getting the White House back, John Edwards. Of course that turned out to be a bust. Personally I love Obama but at this point the most important thing is get the Republicans out of power, all pleasantries and nicesties aside, by hook or by crook. The idea that moron twins, McCain and Palin might somehow get in power sends my mind realling, and the idea that they might do so simply because the other guy is black sends me over the edge. So much was riding on Gore, so much more on Kerry and now everything on Obama. God please help him.
Reason0Politics1
· 1 year ago
Huge point, bubbles. of all the time to 'try" a new concept..see if the racist, homo phobic US is ready for a black man...this was NOT that time. we won't survive 4 more years of cheney / mcsame. Literally. In fact, its soo GD insane and self defeatist, that it adds credibility that this election was thrown and controlled long before we got to this point.
wtreat007
· 1 year ago
Decades, schmecades. Lehman Brothers has been around for more than a century and a half (founded 1850). But, Merrill is the younger of the two, being just 94 years old.
How does one break a company that's 158 years old? And then get to walk away with millions of dollars in severance, deferred compensation, and gosh knows what all.
KarenMrsLloydRichards
· 1 year ago
Breakfast TV Gumflapping Heads:
Wow! Wall Street is in total meltdown! Look at all those cute yuppies pouring out of the gleaming Manhattan buildings with their few pitiful possessions in cardboard boxes! How did that happen? No explanation, except all those people who bought houses they couldn't afford. Terrible. All of which means that Americans are going to start wanting more attention paid by the campaigns to economic issues. People will be looking closely at the economic proposals of Obama and McCain to decide which one will be best to lead them through these terrible times.
[beat]
Karl Rove! Imagine him saying that the McCain campaign was too negative! But look at what Barack Obama is saying about McCain in that ad with the computer. Cuomo bravely tells Obama to his face that it's disrespectful to call McCain an "old man." And Doocy said Obama could just google to find out that McCain can't use an "email machine" because of his poor tortured shoulders. Gretchen added that being tortured causes arthritis. And just last week gaffemeister Joe Biden told a crippled guy in a wheelchair to get up! How insensitive are these guys?! In any case, no matter hard-hittting Obama gets, it won't matter. It's the Palin Effect! Now only 37% of white American women will vote for Obama. And in Minnesota, a liberal state, McCain and Obama are tied at 45% apiece, which is a problem for, yep, Obama. And the more he, and the liberal elitist Brie and Chablis Upper West Side and Georgetown editorialists trash her for being dangerous and clueless, the more real, normal Americans (especially women) will make the link between that and his infamous remarks about bitter clingers to guns and religion. So: it looks like Bridget McCain, start picking the sheet set of your own choice from Wal-Mart Momma Cindy promised you for your basement East Wing bedroom!
Wild_Weasel
· 1 year ago
2008 seems headed toward a disaster greater than 1929.
THANK YOU REPUBLICANS for proving that CAPITALISM has its weaknesses and limitations.
No regulations = Loss of American Power.
No regulations = Loss of your retirement.
No regulations = Elimination of American Middle Class
Is this 1929 or worse?
Polly_Tics
· 1 year ago
Well Alan Greenspan believes this just might be the worst economy in the past 100 years.
But than again, that's just the former Chairman of the Federal Reserve of America, but he must be one of those tin foil hat wackos we hear about...
BarbaraGordon
· 1 year ago
How many low info blue collar voters with no connection to Wall Street will understand what is happening - and connect it to Bush/McCain? Is a strong economy more important than abortion or gay marriage?
Polly_Tics
· 1 year ago
It is up to Obama, the DNC and the rest of the Democrats and Indepenets who actually CARE about the US of A to make sure that EVERYONE understands what this means to us all.
If Obama is as smart as I believe him to be. he will sic his minions on the task and do it better than we could imagine. At this point in time, what do the GOP have besides lies and smears?
tlsintx
· 1 year ago
well there you have it... why WAS karl rove sounding so reasonable on The F word network yesterday, saying negative advertising was going too far? Because he knew Obama was stepping up his response...Karl says Obama is as bad as McCain...rat. fucker.
Thank goodness John McCain wants to tie Social Security to the wizards of Wall Street like Bush.
"As part of Social Security reform, I believe that private savings accounts are a part of it—along the lines that President Bush proposed,” McCain told the Journal.[Wall Street Journal, 3/3/08; Campaign Website, accessed 3/3/08]
MSNBC had a by-line this morning showing McCain way out in front among seniors. That doesn't make sense given McCain wants to privatize soc sec.
Polly_Tics
· 1 year ago
I know, I saw and thought the same thing, however it was an ad done by the WSJ and I'm not so sure how much any of us can trust a Murdoch rag at this point.
ALL of the MSNBC polls looked tragic for Obama, but again, it is still just a snapshot of the moment and NOT one which I believe was achieved without dubious practices.
I want to see Obama continue tough ads and speeches and then in a week or so, let's see the so called polls at that point.
tlsintx
· 1 year ago
Polly_T... take the polls with a grain of salt...especially ones posted by msnbc...they are being used to manipulate public opinion
Polly_Tics
· 1 year ago
I agree, they are ALL to manipulate public opinion, but some more so than others.
I will always be dubious of any polls taken from an overtly partisan group; ie: Rasmussen, Wall Street Journal, Faux Noise, ABC. I used to believe they were useful in helping to determine trends but at this point I see them being used to accommodate corporate desires more than helping clarify issues.
By the way, Good Morning!
tlsintx
· 1 year ago
good morning to you!
Wild_Weasel
· 1 year ago
Counterparty Risk.
The Chickens are coming home to roost, and it is shaking the very foundation of America.
No regulation = Collapse of American Economy
Indigo
· 1 year ago
Good morning. I think it's impressive that it took so long to drag down the US market, GWB dedicated his entire administration to the project. Given the loosening of controls over speculative investments that were set in place during the Reagan Era, it took a quarter of a century to drag it all down. It's clearly explained in Ayn Rand's oversized, unreadable but significant novel, Atlas Shrugged. If you haven't plowed your way through it because you don't want to waste your beautiful mind on it, you don't know what happened.
Savage8862
· 1 year ago
Since the Republicans in Michigan want to challenge voter registration of those that have had their houses foreclosed, does this mean the Republicans will now challenge voter registration of those Texas residents who have had their homes destroyed by Hurricane Ike?
JohnInTexas
· 1 year ago
What hurricane, we didn't have no hurricane, nothin here, move along, it was just a little thunderstorm and a few tree limbs blown down. No photo op here at alllllll.
econprofes
· 1 year ago
This is not the first time we have had the collapse of an entire financial sector. During GW fathers administration we had the collapse of the Savings and Loans and a lot of people lost their houses which caused a recession. In both case the underlying problem was no government oversight. Instead of regulatory agencies like the SEC and congressional committees writing laws and regulations, Bush and Cheney and the Republican congress had lobbyist like Phil Gramm, who brought us the predatory subprime loans which are a major cause of the housing market collapse, making regulations and oversight decisions. Gramm is still McCain’s financial advisor and would probably be our next Secretary of Treasure if McCain is elected President. The same thing happened with energy. Dick Cheney went behind closed doors with ENRON, Exxon and other energy companies and wrote an energy policy that the congress rubber stamped. That is why ExxonMobil makes billions of dollars profit a quarter and we the tax payers still give them money. Anytime you let lobbyist write laws and policies and anytime the government does not do its job by providing oversight, then these things are going to continue to happen. In the end we the tax payers wind up paying for it because the government is going to always bail out these institutions.
You can say what you want to about Clinton but he and Robert Rubin provided oversight in the financial and energy sectors and they restored the oversight that Herbert Walker didn't.
1billinnj2
· 1 year ago
obama has to hit bush hard on this subject. he has to tie mccain to bush on this also. he needs to put out a plan for over coming this crisis and drive it home every day. save the country and elect obama.
scooter in brooklyn
· 1 year ago
g'mornin - i guess. at least there's no mushroom cloud... yet.
dad
· 1 year ago
12 years of republican congress. 8 years of a republican president. this is republican fiscal policy fully realized. failure. republican failure.
Wild_Weasel
· 1 year ago
This is what happens when BUSINESS FOXES are elected to guard the NATIONAL CHICKEN COOP.
McCain will bring about four more years of Bush's disaster.
Savage8862
· 1 year ago
Get ready for the stock market to crash today. Foreign markets are already down over 400 points. It is suggested that our stock market may drop 500 to 700 points today because we have lost Lehman Brothers ( 25,000 people now unemployed), Merrill Lynch (35,000 potentially unemployed) was bought out by Bank of America and now the insurance giant AIG (115,000 potentially unemployed) is struggling to raise cash today to stay afloat. McCain’s economic adviser said yesterday morning that the economy of the United States is vibrant, strong, and we will see great gains. He also said he can’t wait to invest everyone’s Social Security into the stock market. People losing their jobs, 1000 banks endanger of closing, stock markets crashing, and McCain says we are in good shape. I think he is just a little out of touch with us ordinary citizens who only have one house. I should make a campaign commercial for Obama.
Reason0Politics1
· 1 year ago
the irony is sooo potent.
people that have the most to loose by 4 more years of the same ol thing will gleefully vote with their "primitive " brains, not their thinking part.
bad Policy is the root of the repugs failure. I know that even the word, "policy" is probably over joe bubba's head, but I think it should be at the heart of Obama's message
bad Policy:
1) Bush Doctrine ( preemptive wars against boogy men abroad - invasion of sovereign nations ) 2) de regualtion of everything: 3) Bail outs 4) Domestic legal violence on US Citizens and our basic Laws i.e. Constitution ( Patriot Act, Military Commisions Act) 5) Immunity for ALL Admin people ( ZERO Accountability ) 6) Complete Secrecy ( Cheney's Energy Commision, W and cheney's secret, no notes, no writting period with keene Commission )
People that as a group profess the strongest "faith" , and have the most to fear ( destruction of their life savings, no health care, bankruptcy ) will vote out of fear of 1) black man 2)Muslim rumors 3)tax and spend BS
Which is more relevant: Fear of rumor based lies - or the facts - Bad Policy is tangibly destroying their lives?
lilyannerose
· 1 year ago
Between the war and the bail out billions is there anything left to assist the victims of Hurricane Ike? There's a lot of folks sitting in shelters wondering where are they going to go and what will they do once they get there.
If I believed in God I'd say She's pretty damned PO'd at America.
Wild_Weasel
· 1 year ago
This November America will be electing a JANITOR to clean up the mess that has been building for the last eight years.
Wall Street is on the edge of collapse.
And the Credit Card bill for Bush's failed decisions will arrive after Bush has left office.
Wild_Weasel
· 1 year ago
This time, the mess Bush and his cronies have made is too big for Bush's daddy and family friends to bail junior out of.
jimfromthefoothills
· 1 year ago
bush has destroyed everything that has ever been given to him.
LeeFromHamburgNY
· 1 year ago
The following is an excerpt from a George W. Bush Countdown Calendar: ---------------------------- Soon after the November 2006 midterm elections, the New York Daily News reported on plans to build a Bush presidential "library and think tank" at Southern Methodist University in Dallas. Bush supporters hope to raise at least half of the $500 million cost from "megadonations" between $10 million and $20 million each. Targeted donors include "wealthy heiresses, Arab nations, and captains of industry" whose names, under current law, are not required to be disclosed. One administration source commented, " It's a stretch. It's so much bigger than anything that's been tried before. But the more you have, the more influence [on history] you can exert." ---------------------------------- Well, we can all now plainly see the "influence" of our country's economy and history that the Bush administration has had and will continue to have... God, help us all!!!
jimfromthefoothills
· 1 year ago
insightful comment.
tlsintx
· 1 year ago
here's the tough new Obama ad that Karl Rove was setting up as just another negative attack ad...he is such the little concern troll, that Rove...
I woke up this morning in a cold sweat. No, really. My nightmare had McCain finally seeing how he went way overboard, knew he couldn't win, and announced a "health problem" that would force him to drop out of the race. (Well, this sounds like the GOP would do this for him.) What then? And imagine my shock when I got online and saw all the op eds, slamming McCain.
Obviously, Sarah Palin would be the nominee, but would she? No matter what, the GOP would call on postponing the election. I have heard for quite a while that the GOP would try to keep Bush in office longer than next January. Maybe this is how they do it.
Bubbles
· 1 year ago
I can't speak for other states, but the absentee and mail-in ballots go out on October 1 in Arizona. If he's going to bail it has to be before then- all those ballots have to be printed up. In Arizona its a fair size margin that does that too because their are a lot of retirees there. The date of the election is written into the constitution and cannot be changed, even if it inconveniences the Republican party.
It seem obvious this morning that they are headed to their own doomsday. The question is whether they will drag the nation down with it.
shell
· 1 year ago
"The date of the election is written into the constitution and cannot be changed, even if it inconveniences the Republican party. "
The constitution? You mean that silly piece of paper the GOP has thrown out the window in the past 7 years? And think of this: what if McCain (or Obama or any of them) dies -- even if the ballots are printed, it doesn't matter. Life goes on.
No, it probably won't happen, but living by the constitution, or laws, will never stop the GOP.
High Crimes & Misdemeanors
· 1 year ago
Folks,
If you don't understand who the traitors in this country are, or how the US government ended to this point of bailout "mania" then you are never gonna learn.... How did we get here?? ----------------------------- "The answer is The Housing and Economic Recovery Act of 2008, or HR 3221, passed into law in July, and known as the Dodd-Frank bill—for Rep. 'Bailout Barney' Frank of Massachusetts, and Sen. Christopher Dodd of Connecticut, who was the chosen Presidential candidate of fascist New York banker Felix Rohatyn.
The bill was a Federal bailout of mortgage lenders to begin with. But in July, just before Congress was going to pass it, Treasury Secretary Hank Paulson insisted that the Congress add to this bill, the 'unlimited' authority to bail out Fannie Mae's and Freddie Mac's mortgage-backed securities. Hank Paulson "delivered" the end of President Bush's threat to veto the Dodd-Frank bill, in exchange for adding this unlimited bailout.
The Housing and Economic Recovery Act of 2008 doesn't even go into effect until October 1; but this part went into effect immediately when the bill was signed into law in July.
Here are the primary sponsors:
Rep. 'Bailout Barney' Frank (D-Mass.)
Rep. Nancy Pelosi, Speaker of the House—her economic policies are set by Felix Rohatyn, fascist New York banker, speculator and drug legalizer George Soros, and Al Gore.
Rep. Steny Hoyer, House Majority Leader
Rep. Rahm Emanuel, (D-Ill.)
Sen. Christopher Dodd (D-CT)—head of the Banking Committee, "Senator from Wall Street," his Presidential campaign was pushed by Felix Rohatyn, fascist New York banker.
Sen. Charles Schumer (D-NY) also participated, along with Sen. Richard Shelby (R-Ala.)
4. Who Designed and Backed This Bailout?
The idea for the Dodd-Frank bill was put in circulation by British-linked anti-FDR economists at the New York Council on Foreign Relations: particularly, "world currency" promoter Ben Steil.
The bill was specifically designed by Wall Street—by Credit Suisse Bank in particular—working with the staffs of Barney Frank and Sen. Chuck Schumer, and with Paulson's Treasury. It was also pushed by Fannie Mae CEO Daniel Mudd—he lost his job in the big bailout push this weekend, but will probably leave with a very "golden parachute."
The direct bailout of mortgage-backed securities by the Federal government was also pushed by Morgan Stanley investment bank, it's CEO John Mack—Morgan Stanley became the Treasury Department's advisor in the bailout. And it was pushed on the Congress by chief economist Mark Zandi of Moody'sEconomy.com, run by Moody's Investors Service—the rating agency which helped trigger the mortgage bubble blowout by over-rating many billions in mortgage-backed securities.
Paulson's Sept. 7 bailout announcement was backed completely by Presidential candidates Barack Obama and John McCain. Obama probably didn't know when he voted for the Dodd-Frank bill in July, that it would lead to an 'unlimited' bailout—now he does not, and he says, "It had to be done." McCain wasn't present in the Senate when the Dodd-Frank bill was voted. Now he says of Paulson's mega-bailout, "It had to be done.""
ShirleyGoodnessanMercy
· 1 year ago
This is not the source of the problem. Deregulation by Republicans since Reagan is the source of the problem.
High Crimes & Misdemeanors
· 1 year ago
Agreed, but its not just the REPUKES, we have traitors in DEM party as well. We'll see how much change we'll get out of Obama. We'll see....
Obama's getting my vote, but I'm to cynical to think any real change will happen. To have mcliar and palin at the helm would be more pillaging and raping of the treasury.
Reason0Politics1
· 1 year ago
umm..shirley..bubbles is absolutely right. Deregulation is a "feature" of supply side economics..tyvm. I agree with you and my posts below state that agreement, yes, deregulation in a corrupt zeitgeist is pure, unadulterated sabotage, but once again, its a function of the supply side traitors
Bubbles
· 1 year ago
Supply side economics has never worked in history.
2/3rds of the economy is based upon demand (consumption). So supply side economics has never worked. Its pushing on a string.
It caused the collapse of Ancient Egypt's New Kingdom, the Roman Empire, pre-Islamic Mecca (Islam is a response to supply side economics), Byzantium, Medieval Japan, Hapsburg Spain, Bourbon France, Romanov Russia and Coolidge/Hooever America (paving the way for Hitler, WWII and the Holocaust).
We've had supply-side economics since 1980, and supply-side economics on steroids since 2001.
It isn't working again.
That and all subsequent bailouts are simply attempts at putting a finger in the dike.
I don't think this will amount to anything. The author, Amir Taheri, is a Bush neo-con who can't be taken seriously. From Wikipedia: "Shaul Bakhash of George Mason University has accused Amir Taheri of concocting nonexistent conpiracies in his writings, and states that he "repeatedly refers us to books where the information he cites simply does not exist. Often the documents cannot be found in the volumes to which he attributes them.... [He] repeatedly reads things into the documents that are simply not there." Bakhash has stated that Taheri's 1988 Nest of Spies is "the sort of book that gives contemporary history a bad name."
Hurrycane
· 1 year ago
Yep... as the blogger said, "doing everything possible to change the subject."
ShirleyGoodnessanMercy
· 1 year ago
I guess we'll have to wait 'n see how Sarah Palin restores our economy.
God knows she's qualified to do that.
lilyannerose
· 1 year ago
She'll reform it!
Bubbles
· 1 year ago
"In what way, Charlie" --- I keep hearing her say that like fingernails across a black board.
Iowa_Democrat
· 1 year ago
Ah... if only they could have added billions of Social Security bucks to their portfolios they could have kept the Ponzi scheme going for a while longer. That is exactly what it was. And we know what happens when Ponzi schemes collapse. Congress passes a law allowing the perps to walk.
Bubbles
· 1 year ago
Now is a perfect time to vote for someone who doesn't know anything about economics.
takeasiesta
· 1 year ago
Sounds like the apocalypse to me. If Hurricane McCain and Typhoon Palin are in office it will start raining frogs.
MNUSA
· 1 year ago
Personally I think it's a house of cards. CEOs don't plan long term. They plan for their salary increases and annual bonuses. In the meantime, they suck their organization dry.
woodroad34
· 1 year ago
You're absolutely right. I worked for Korn/Ferry (a head hunting firm in Los Angeles, whose owner liked to be referred to as 'Ambassador', because he was some minor attache under Reagan) and that's exactly what they did. The VPs, CEOs, Presidents of companies who were recruited by them, whether they had criminal records or not, were shoo-ins.
woodroad34
· 1 year ago
"What the hell did George Bush do to the U.S. economy?"
The same thing he did with his oil company, the State of Texas, the Rangers, his brain, his "military career", the "war in Iraq" and the reputation of the U.S.: ruined, destroyed, obliterated, bankrupted, cleaned out, made insolvent, and busted...to name just a few things. The signs were all there, ruin and devastation. The rancid, meglomaniacal touch of George W. Bush. Is there a weed killer strong enough for this insidious shrub?
All Comments
of course the administration has MAJOR responsibility, or even more responsible, is the GOP in general, because this tragedy is STRAIGHT up because of Bad, or even criminal, Policy, definitely a function of government. De regulation in a overtly corrupt environment leads to HUGE crashes, and frankly, this shit hasn't even actually begun. Turning point? we haven't even begun to collapse. So hang onto your boots kidz...its gonna get ugly.
The history of supply side economics is plain and simple. It always ends in disaster. You would think that the great depression, the rise of Hitler, the onset of World War II and the holocaust would be enough for them. But to have to repeat all of that all over again...
And all because the Florida Republican party engineered 518 surplus votes for Bush in the Florida election.
For every $1 of bad sub prime laoned, Wall St. leveraged 20, 30, and more TIMES that using that bad sup prime debt as COLLATERAL! its truely criminal.
And that kidz, is straight policy, so damned straight, politics and GOP Crony ism and corruption, is at the root. The more we bail now, the worse the eventual collapse will be. the momentum of the failure is only gaining.
wow. big change is happening, ready or not.
i was talking to a conservative friend over the weekend who gave me the same old line about how bad the dems are on taxing and spending...i said but look at our economy right now...he said, it could be a lot worse. guess he's right.
it seems so clear that Obama is the way forward and McCain is grasping on to the old sinking ship.
out of control oil speculation is also a culprit in this bust, all made possible by good old Dick Cheney and Big Oil setting U.S. energy policy behind closed doors. heckuva job bu$hco...
http://www.bloggingstocks.com/2008/09/03/lehman...
goldman sachs is into some shady deals
Paul Krugman today:
The real answer to the current problem would, of course, have been to take preventive action before we reached this point. Even leaving aside the obvious need to regulate the shadow banking system — if institutions need to be rescued like banks, they should be regulated like banks — why were we so unprepared for this latest shock? When Bear went under, many people talked about the need for a mechanism for “orderly liquidation” of failing investment banks. Well, that was six months ago. Where’s the mechanism?
And so here we are, with Mr. Paulson apparently feeling that playing Russian roulette with the U.S. financial system was his best option. Yikes.
http://www.nytimes.com/2008/09/15/opinion/15kru...
I had similar questions about the idea of nominating a white women.
After 8 years of disaster, I had wanted the safest candidate for getting the White House back, John Edwards. Of course that turned out to be a bust. Personally I love Obama but at this point the most important thing is get the Republicans out of power, all pleasantries and nicesties aside, by hook or by crook. The idea that moron twins, McCain and Palin might somehow get in power sends my mind realling, and the idea that they might do so simply because the other guy is black sends me over the edge. So much was riding on Gore, so much more on Kerry and now everything on Obama. God please help him.
Lehman Brothers has been around for more than a century and a half (founded 1850). But, Merrill is the younger of the two, being just 94 years old.
How does one break a company that's 158 years old? And then get to walk away with millions of dollars in severance, deferred compensation, and gosh knows what all.
Wow! Wall Street is in total meltdown! Look at all those cute yuppies pouring out of the gleaming Manhattan buildings with their few pitiful possessions in cardboard boxes! How did that happen? No explanation, except all those people who bought houses they couldn't afford. Terrible. All of which means that Americans are going to start wanting more attention paid by the campaigns to economic issues. People will be looking closely at the economic proposals of Obama and McCain to decide which one will be best to lead them through these terrible times.
[beat]
Karl Rove! Imagine him saying that the McCain campaign was too negative! But look at what Barack Obama is saying about McCain in that ad with the computer. Cuomo bravely tells Obama to his face that it's disrespectful to call McCain an "old man." And Doocy said Obama could just google to find out that McCain can't use an "email machine" because of his poor tortured shoulders. Gretchen added that being tortured causes arthritis. And just last week gaffemeister Joe Biden told a crippled guy in a wheelchair to get up! How insensitive are these guys?! In any case, no matter hard-hittting Obama gets, it won't matter. It's the Palin Effect! Now only 37% of white American women will vote for Obama. And in Minnesota, a liberal state, McCain and Obama are tied at 45% apiece, which is a problem for, yep, Obama. And the more he, and the liberal elitist Brie and Chablis Upper West Side and Georgetown editorialists trash her for being dangerous and clueless, the more real, normal Americans (especially women) will make the link between that and his infamous remarks about bitter clingers to guns and religion. So: it looks like Bridget McCain, start picking the sheet set of your own choice from Wal-Mart Momma Cindy promised you for your basement East Wing bedroom!
THANK YOU REPUBLICANS for proving that CAPITALISM has its weaknesses and limitations.
No regulations = Loss of American Power.
No regulations = Loss of your retirement.
No regulations = Elimination of American Middle Class
Is this 1929 or worse?
But than again, that's just the former Chairman of the Federal Reserve of America, but he must be one of those tin foil hat wackos we hear about...
If Obama is as smart as I believe him to be. he will sic his minions on the task and do it better than we could imagine. At this point in time, what do the GOP have besides lies and smears?
why WAS karl rove sounding so reasonable on The F word network yesterday, saying negative advertising was going too far? Because he knew Obama was stepping up his response...Karl says Obama is as bad as McCain...rat. fucker.
http://digbysblog.blogspot.com/2008/09/not-dime...
"As part of Social Security reform, I believe that private savings accounts are a part of it—along the lines that President Bush proposed,” McCain told the Journal.[Wall Street Journal, 3/3/08; Campaign Website, accessed 3/3/08]
http://www.eschatonblog.com/2008_09_14_archive....
MSNBC had a by-line this morning showing McCain way out in front among seniors.
That doesn't make sense given McCain wants to privatize soc sec.
ALL of the MSNBC polls looked tragic for Obama, but again, it is still just a snapshot of the moment and NOT one which I believe was achieved without dubious practices.
I want to see Obama continue tough ads and speeches and then in a week or so, let's see the so called polls at that point.
take the polls with a grain of salt...especially ones posted by msnbc...they are being used to manipulate public opinion
I will always be dubious of any polls taken from an overtly partisan group; ie: Rasmussen, Wall Street Journal, Faux Noise, ABC. I used to believe they were useful in helping to determine trends but at this point I see them being used to accommodate corporate desires more than helping clarify issues.
By the way, Good Morning!
The Chickens are coming home to roost, and it is shaking the very foundation of America.
No regulation = Collapse of American Economy
You can say what you want to about Clinton but he and Robert Rubin provided oversight in the financial and energy sectors and they restored the oversight that Herbert Walker didn't.
this is republican fiscal policy fully realized.
failure. republican failure.
McCain will bring about four more years of Bush's disaster.
people that have the most to loose by 4 more years of the same ol thing will gleefully vote with their "primitive " brains, not their thinking part.
bad Policy is the root of the repugs failure. I know that even the word, "policy" is probably over joe bubba's head, but I think it should be at the heart of Obama's message
bad Policy:
1) Bush Doctrine ( preemptive wars against boogy men abroad - invasion of sovereign nations )
2) de regualtion of everything:
3) Bail outs
4) Domestic legal violence on US Citizens and our basic Laws i.e. Constitution ( Patriot Act, Military Commisions Act)
5) Immunity for ALL Admin people ( ZERO Accountability )
6) Complete Secrecy ( Cheney's Energy Commision, W and cheney's secret, no notes, no writting period with keene Commission )
People that as a group profess the strongest "faith" , and have the most to fear ( destruction of their life savings, no health care, bankruptcy ) will vote out of fear of
1) black man
2)Muslim rumors
3)tax and spend BS
Which is more relevant: Fear of rumor based lies - or the facts - Bad Policy is tangibly destroying their lives?
If I believed in God I'd say She's pretty damned PO'd at America.
Wall Street is on the edge of collapse.
And the Credit Card bill for Bush's failed decisions will arrive after Bush has left office.
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Soon after the November 2006 midterm elections, the New York Daily News reported on plans to build a Bush presidential "library and think tank" at Southern Methodist University in Dallas. Bush supporters hope to raise at least half of the $500 million cost from "megadonations" between $10 million and $20 million each. Targeted donors include "wealthy heiresses, Arab nations, and captains of industry" whose names, under current law, are not required to be disclosed. One administration source commented, " It's a stretch. It's so much bigger than anything that's been tried before. But the more you have, the more influence [on history] you can exert."
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Well, we can all now plainly see the "influence" of our country's economy and history that the Bush administration has had and will continue to have... God, help us all!!!
http://www.jedreport.com/2008/09/new-ad-decepti...
Obviously, Sarah Palin would be the nominee, but would she? No matter what, the GOP would call on postponing the election. I have heard for quite a while that the GOP would try to keep Bush in office longer than next January. Maybe this is how they do it.
It seem obvious this morning that they are headed to their own doomsday. The question is whether they will drag the nation down with it.
The constitution? You mean that silly piece of paper the GOP has thrown out the window in the past 7 years? And think of this: what if McCain (or Obama or any of them) dies -- even if the ballots are printed, it doesn't matter. Life goes on.
No, it probably won't happen, but living by the constitution, or laws, will never stop the GOP.
If you don't understand who the traitors in this country are, or how the US government ended to this point of bailout "mania" then you are never gonna learn.... How did we get here??
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"The answer is The Housing and Economic Recovery Act of 2008, or HR 3221, passed into law in July, and known as the Dodd-Frank bill—for Rep. 'Bailout Barney' Frank of Massachusetts, and Sen. Christopher Dodd of Connecticut, who was the chosen Presidential candidate of fascist New York banker Felix Rohatyn.
The bill was a Federal bailout of mortgage lenders to begin with. But in July, just before Congress was going to pass it, Treasury Secretary Hank Paulson insisted that the Congress add to this bill, the 'unlimited' authority to bail out Fannie Mae's and Freddie Mac's mortgage-backed securities. Hank Paulson "delivered" the end of President Bush's threat to veto the Dodd-Frank bill, in exchange for adding this unlimited bailout.
The Housing and Economic Recovery Act of 2008 doesn't even go into effect until October 1; but this part went into effect immediately when the bill was signed into law in July.
Here are the primary sponsors:
Rep. 'Bailout Barney' Frank (D-Mass.)
Rep. Nancy Pelosi, Speaker of the House—her economic policies are set by Felix Rohatyn, fascist New York banker, speculator and drug legalizer George Soros, and Al Gore.
Rep. Steny Hoyer, House Majority Leader
Rep. Rahm Emanuel, (D-Ill.)
Sen. Christopher Dodd (D-CT)—head of the Banking Committee, "Senator from Wall Street," his Presidential campaign was pushed by Felix Rohatyn, fascist New York banker.
Sen. Charles Schumer (D-NY) also participated, along with Sen. Richard Shelby (R-Ala.)
4. Who Designed and Backed This Bailout?
The idea for the Dodd-Frank bill was put in circulation by British-linked anti-FDR economists at the New York Council on Foreign Relations: particularly, "world currency" promoter Ben Steil.
The bill was specifically designed by Wall Street—by Credit Suisse Bank in particular—working with the staffs of Barney Frank and Sen. Chuck Schumer, and with Paulson's Treasury. It was also pushed by Fannie Mae CEO Daniel Mudd—he lost his job in the big bailout push this weekend, but will probably leave with a very "golden parachute."
The direct bailout of mortgage-backed securities by the Federal government was also pushed by Morgan Stanley investment bank, it's CEO John Mack—Morgan Stanley became the Treasury Department's advisor in the bailout. And it was pushed on the Congress by chief economist Mark Zandi of Moody'sEconomy.com, run by Moody's Investors Service—the rating agency which helped trigger the mortgage bubble blowout by over-rating many billions in mortgage-backed securities.
Paulson's Sept. 7 bailout announcement was backed completely by Presidential candidates Barack Obama and John McCain. Obama probably didn't know when he voted for the Dodd-Frank bill in July, that it would lead to an 'unlimited' bailout—now he does not, and he says, "It had to be done." McCain wasn't present in the Senate when the Dodd-Frank bill was voted. Now he says of Paulson's mega-bailout, "It had to be done.""
Obama's getting my vote, but I'm to cynical to think any real change will happen. To have mcliar and palin at the helm would be more pillaging and raping of the treasury.
2/3rds of the economy is based upon demand (consumption). So supply side economics has never worked. Its pushing on a string.
It caused the collapse of Ancient Egypt's New Kingdom, the Roman Empire, pre-Islamic Mecca (Islam is a response to supply side economics), Byzantium, Medieval Japan, Hapsburg Spain, Bourbon France, Romanov Russia and Coolidge/Hooever America (paving the way for Hitler, WWII and the Holocaust).
We've had supply-side economics since 1980, and supply-side economics on steroids since 2001.
It isn't working again.
That and all subsequent bailouts are simply attempts at putting a finger in the dike.
http://www.nypost.com/seven/09152008/postopinio...
From Wikipedia: "Shaul Bakhash of George Mason University has accused Amir Taheri of concocting nonexistent conpiracies in his writings, and states that he "repeatedly refers us to books where the information he cites simply does not exist. Often the documents cannot be found in the volumes to which he attributes them.... [He] repeatedly reads things into the documents that are simply not there." Bakhash has stated that Taheri's 1988 Nest of Spies is "the sort of book that gives contemporary history a bad name."
God knows she's qualified to do that.
The same thing he did with his oil company, the State of Texas, the Rangers, his brain, his "military career", the "war in Iraq" and the reputation of the U.S.: ruined, destroyed, obliterated, bankrupted, cleaned out, made insolvent, and busted...to name just a few things. The signs were all there, ruin and devastation. The rancid, meglomaniacal touch of George W. Bush. Is there a weed killer strong enough for this insidious shrub?